No announcement yet.

Early Payoff question or can I wait?????


Unconfigured Ad Widget

  • Filter
  • Time
  • Show
Clear All
new posts

    Question: Early Payoff question or can I wait?????

    I have been fortunate enough to have the opportunity to be able to pay off my 100% BK13. This is due to a previous employer wanting to reduce liability in a previously unobtainable retirement account. I did cash my account out and have obtained a 1099 for this soon to end tax period. I have put aside the full amount of my payoff to pay in full if needed. My dilemma is that the major unsecured creditors that I owed before my filing , stuck it too me between the time frame of retaining a lawyer and this crappy attorney finally filing my BK paperwork (late fees, interest, you name it). I would rather not pay off early and make the creditors wait the full amount of time to get what they would have eventually gotten. Primarily BoA, Synchrony, Capital One....I am at month 30 out of 52.
    Thoughts concerns and suggestions would be greatly appreciative.

    In a 100% plan, I would not rob my future to pay my creditors today. I never suggest that anyone raid their retirement account to pay creditors; been there, done that... what a waste of money.

    You could wait until month 37, and then pose the question as to whether or not the Trustee would let you pay off early by using retirement. It possible, but may not be likely.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    Unconfigured Ad Widget